1 in 6 potential first time buyers aged 18-40 say the prospect of Brexit has put them off entering the property market, according to new research.

Almost half of those surveyed by insurance provider Beagle Street cited ‘general uncertainty’ as deterring them from making a major life decision such as buying a house, while a further quarter (24%) say economic fluctuations are preventing them from entering the property market.

However, for 7% of potential homebuyers Brexit has acted as a spur to buy property sooner, with 43% saying they’re keen to get on with a purchase before things change and 39% spurred on by fluctuations in the economy.

More than 1 in 10 prospective homebuyers (11%) say they are feeling more positive than they were a year ago, rising to almost 1 in 3 (31%) of those in the process of buying a property.

poll loading

As a first-time buyer, are you put off buying by Brexit?

0+ VOTES SO FAR

Two thousand potential homeowners participated in independent research commissioned by life insurance provider Beagle Street on their attitude towards buying a home and their understanding of the government help available for first time buyers, such as Help to Buy and the new Lifetime ISA.

The research was commissioned to coincide with the launch of Beagle Street’s comprehensive guide for first time buyers.

Matthew Gledhill, Managing Director of Beagle Street, said:

“None of us yet knows what Brexit will mean for homebuyers, and the landscape for first time buyers is already complex, with lots of government schemes on offer and a constantly changing financial and political picture.

“With so much to consider, it’s understandable that many first time buyers feel nervous about stepping on to the property ladder. Here at Beagle Street we’re all about making complicated things simple – that’s why we’ve produced an in-depth guide to the property process.”

Speaking in response to yesterday’s announcement that Prime Minister, Theresa May has officially triggered Article 50, thus commencing the UK’s withdrawal from the EU, David Westgate, Chief Executive of Andrews Property Group, said:

“My fundamental belief is that Brexit is irrelevant to the domestic housing market. Quite simply, there is no direct reason why it should have any impact on either property prices or where people chose to live.

Read More

“Whilst some will argue that change leads to uncertainty and that, in turn, uncertainty affects confidence in the market, we should hold on to what we know and that is simply that the key driver of the housing market is demand, and that is extremely high at the moment.

“There is little point in worrying about something which we cannot control and for that reason, we’re continuing to do what we do best – matching people with the right properties for them and providing them with the right advice and guidance to make informed property decisions.”